Kirby McInerney LLP Urges Investors in Ready Capital Corporation to Inquire About Their Rights in Class Action Lawsuit

Core Viewpoint - A class action lawsuit has been filed against Ready Capital Corporation for failing to disclose significant issues related to non-performing loans in its commercial real estate (CRE) portfolio during the specified class period [1][4]. Financial Performance - Ready Capital reported a fourth quarter 2024 net loss of $1.80 per share and a full year 2024 net loss of$2.52 per share [3]. - The company took decisive actions to stabilize its balance sheet, including a total of $284 million in Current Expected Credit Loss (CECL) and valuation allowances for non-performing loans [3]. - Total leverage increased to 3.8x from 3.3x in the previous quarter [3]. - Following the announcement, Ready Capital's stock price fell by$1.86 per share, approximately 26%, closing at $5.07 on March 3, 2025 [3]. Legal Allegations - The lawsuit alleges that Ready Capital did not disclose that significant non-performing loans were unlikely to be collectible and that the company would fully reserve these loans to stabilize its portfolio [4]. - It is claimed that these issues were not accurately reflected in the company's current expected credit loss or valuation allowances [4].